Inventory financing under Risk-Adjusted-Return-On-Capital criterion

Risk-Adjusted-Return-On-Capital (RAROC) is a loan-pricing criterion under which a bank sets the loan term such that a certain rate of return is achieved on the regulatory capital required by the Basel regulation. Some banks calculate the amount of regulatory capital for each loan under the standardized approach (“standardized banks,” the regulatory capital is proportional to the loan amount), and others under the internal rating-based (IRB) approach (“IRB banks,” the regulatory capital is related to the Value-at-Risk of the loan). This article examines the impact of the RAROC criterion on the bank's loan-pricing decision and the retailer's inventory decision. We find that among the loan terms that satisfy the bank's RAROC criterion, the one that benefits the retailer the most requires the bank to specify an inventory advance rate in addition to the interest rate. Under this loan term, the retailer's inventory level is more sensitive to his asset level when facing an IRB bank compared to a standardized bank. An IRB (standardized) loan leads to higher profit and inventory level for retailers with high (low) asset. For retailers with medium asset, an IRB loan results in a higher retailer profit but a lower consumer welfare. Calibrated numerical study reveals that the benefit of choosing standardized banks (relative to IRB banks) can be as high as 30% for industries with severe capital constraints, volatile demands, and low profit margins, highlighting the importance for retailers to carefully choose the type of banks to borrow from. When the interest rate is capped by regulation, retailers borrowing from a standardized bank are more likely to be influenced by the interest rate cap than those borrowing from an IRB bank. Under strong empire-building incentives (the bank will offer loan terms to maximize the size of the loan), retailers with medium initial asset level shift their preference from IRB banks to standardized banks.     

Coping with shortages caused by disruptive events in automobile supply chains

Unpredictable disruptive events significantly increase the difficulty of the management of automobile supply chains. In this paper, we propose an automobile production planning problem with component chips substitution in a finite planning horizon. The shortage of one chip can be compensated by another chip of the same type with a higher-end feature at an additional cost. Therefore, the automobile manufacturer can divert the on-hand inventory of chips to product lines that are more profitable in the event of shortages caused by supply chain disruptions. To cope with this, we propose a max-min robust optimization model that captures the uncertain supplies of chips. We show that the robust model has a mixed-integer programming equivalence that can be solved by a commercial IP solver directly. We compare the max-min robust model with the corresponding deterministic and two-stage stochastic models for the same problem through extensive numerical experiments. The computational results show that the max-min robust model outperforms the other two models in terms of the average and worst-case profits.     

超高分辨率图像实时显示系统设计

自行设计的超高分辨率图像实时显示系统由图形系统处理机、超高分辨率显示器组成 ,其核心是图形系统处理机 ,显示分辨率为 2 0 4 8× 2 0 4 8,逐行扫描 ,每像素 8位 ,图像输入速率最高 2 4 0MB/s ,可同时显示n (n =8,4 ,2 ,1)个CCD相机的实时图像数据 ,并能进行n抽m (n =8,4 ,2 ,1;m =8,4 ,2 ,1;n≥m)处理。采用的主要技术有 :图像输入双重缓冲抽样复合拼接技术 ,单帧存图形图像共体技术 ,视频双重并串转换技术等。该系统可用于卫星地面站、航测、医学成像及其他传感器的高分辨率图像的实时显示     

Efficient algorithms for flexible job shop scheduling with parallel machines

Job shop scheduling with a bank of machines in parallel is important from both theoretical and practical points of view. Herein we focus on the scheduling problem of minimizing the makespan in a flexible two-center job shop. The first center consists of one machine and the second has k parallel machines. An easy-to-perform approximate algorithm for minimizing the makespan with one-unit-time operations in the first center and k-unit-time operations in the second center is proposed. The algorithm has the absolute worst-case error bound of k − 1 , and thus for k = 1 it is optimal. Importantly, it runs in linear time and its error bound is independent of the number of jobs to be processed. Moreover, the algorithm can be modified to give an optimal schedule for k = 2 .     

现代化的GPS军用M码综述

M码是现代化的GPS军用码,是美国"导航战"的重要内容。从M码信号的设计要求出发,介绍了M码信号的调制原理及其功率谱和自相关特性;然后根据相关损失、均方根带宽、频谱隔离系数和等效矩形带宽等参数对M码、C/A码和P(Y)码性能进行了分析比较;最后总结了M码的几种捕获和跟踪方案,并对其各自的优缺点进行了分析。     

东莞商业中心超长混凝土结构无缝施工技术

在超长钢筋混凝土结构施工中,为防止混凝土受温度应力和干缩应力而引起开裂,通常采用设置后浇带的方法加以处理.一般每30～40 m设一道后浇带,40～50 d后再浇筑膨胀混凝土.这种常规的后浇带施工,工序复杂,施工时间长,质量不易保证.东莞商业中心三期B区H-6项目工程施工中,结合超长混凝土结构的具体特点,采用超长混凝土结...     

含噪混合盲扰信分离中联合降噪技术研究

针对盲扰信分离技术在含噪混合条件下分离效果差的问题,文章采用经验模态分解和小波变换联合的降噪技术进行分离前的消噪预处理,研究了联合降噪的三种模式,分别对其降噪效果进行了仿真分析,得到了一种较好的联合降噪模式。将该模式与无噪环境下的盲分离算法相结合,弥补了经典盲源分离算法处理含噪混合盲扰信分离的不足。仿真结果表明该算法在一定范围的低信噪比条件下,能够从含噪的混合信号中恢复出通信信号源。     

改革建设工程消防监督管理的现实需求及对策探讨

随着我国经济飞速发展和社会深刻变革,消防工作面临的形势发生新的变化,公安机关消防机构转变职能迫在眉睫。综合阐述新形势下改革建设工程消防监督管理工作的期待和现实需求,探讨稳步推进建设工程消防监督管理改革的对策,对加强和创新社会消防安全管理,服务经济和社会发展具有重要的现实意义。     

U型钢板桩施工的滑坡动态勘察技术及数值模拟

为节省边(滑)坡灾害的应急加固时间,提高边(滑)坡处置的效率和质量,针对边(滑)坡在勘察阶段提出了基于U型钢板桩施工的动态勘察技术,即在静压植桩机压入U型钢板桩的同时,利用与其配套的压入管理系统设备与软件对压桩数据进行监测和分析,从而反馈出地层强度等信息。数值模拟中,为了能利用工程中所得压桩阻力图谱来反推地层信息,归纳总结了不同土体在桩压入时的应力云图和压桩阻力规律。结果表明:压桩阻力规律与地层信息之间存在对应关系,据此可判断地层强度特征等信息,数值模拟也为后续的现场试验研究提供了依据。     

重金属离子在线水质检测系统设计与试验

为解决水环境中重金属离子现场应急检测的难题,实现水环境中重金属离子的在线检测,提出了一种基于离子选择性电极法和阳极溶出伏安法的组合式重金属离子在线水质检测系统。分析了离子选择性电极法和阳极溶出伏安法的工作原理,构建了重金属离子在线水质检测系统结构,设计了系统检测软件工作流程,并对该方法进行了验证。结果表明:组合式电化学检测法是一种可靠稳定的重金属离子检测方法,可满足现场应急在线检测要求。